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the economic problem 1.1.3 - Coggle Diagram
the economic problem 1.1.3
scarcity
wants are unlimited
resources such as land labour,capital and enterprise are available to produce goods and limited but these are limited.
most resources have alternatives for example land can be used for farming or building a factory.
opportunity costs
the next best alternative forgone
wants
unlimited
rolex
car
holiday
needs
shelter
food
water
limited
resources
scarce
land-naturally occurring resource
labour-human resource
capital- man made resource
enterprise- peoples ideas